Appointment of Lead Financial Adviser for Fountain Head Gold Project


The Company is pleased to announce that, due to increased confidence in the technical components of the Project,  it has appointed Medea Natural Resources Ltd ("Medea"), a specialist mining finance advisory firm, as the lead financial adviser to assist with the negotiation, structuring and arrangement of project financing for the development of the Fountain Head Gold Project (“Fountain Head”, or “Project”) in Northern Territory, Australia.

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PNX to target near-term gold production from Fountain Head


The Company is pleased to announce a significant step-change by the Company that will result in its immediate priority being near-term gold production from the Fountain Head Project (“Fountain Head”) in the Pine Creek region of the Northern Territory. Heap leaching is currently being assessed as a low-cost, scalable option for rapidly monetising, and generating early cashflow from, existing gold resources at Fountain Head, whilst preserving the future value of Hayes Creek. This strategy may also provide an opportunity to enhance overall Hayes Creek Project economics and extend the project mine life with the mined-out Fountain Head pit available for

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Additional High-Grade Gold Mineralisation at Fountain Head


The Company is pleased to announce assay results from a follow-up reverse circulation (RC) drill program of 1,669m at its 100% owned Fountain Head gold Project. The drill program was successful, with numerous mineralised intercepts confirming good high-grade continuity at depth and along strike, directly adjacent to the current resource envelope. Due to the success of this drill program, the Company is planning further drilling at Fountain Head to test the potential for future growth in the current resources, this is planned to commence in December.

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Excellent Metallurgical Recoveries from Fountain Head Gold Project


The Company is pleased to announce results of initial metallurgical testing of gold ore samples from its 100%-owned Fountain Head Gold Project. The testwork was designed to assess gold recoveries and regent consumption via standard atmospheric cyanide leaching of gold mineralisation. The Company recently released a Mineral Resource estimate for the Project of 2.58Mt at 1.7g/t Au for 138,000 oz Au (reported in accordance with the JORC Code, 2012, see ASX release 11 July 2019 for full details including JORC tables). Fountain Head, together with the Iron Blow and Mt Bonnie volcanogenic massive sulphide (VMS) deposits, form the Hayes Creek

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Refer to PNX’s company page at for Announcements prior to 1 July 2014.